Public Company Accounting Oversight Board


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Public Company Accounting Oversight Board

A regulatory body in the United States that oversees auditors and auditing firms. The PCAOB has the authority to register and regulate public accounting firms and to investigate them to ensure that they comply with applicable laws. The PCAOB consists of five members appointed by the SEC, which oversees its activities. Only two members of the PCAOB may be current or former CPAs. It is a private organization created by the U.S. government in the Sarbanes-Oxley Act.
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In addition, Assistant Secretary Pam Olson, acting IRS Commissioner Bob Wenzel, and LMSB Commissioner Larry Langdon have agreed to participate, as has Daniel Goelzer of the Public Company Accounting Oversight Board, which has significant responsibilities in respect of the Sarbanes-Oxley Act.
The AICPA has been closely following the work of the Public Company Accounting Oversight Board.
The Public Company Accounting Oversight Board (PCAOB) voted unanimously to propose for public comment certain ethics and independence rules on tax services.
The Public Company Accounting Oversight Board, set up to check on accounting issues, has already begun to review some accounting firms.
Also, under the proposed rules, an accountant or accounting firm may not perform audit services as prescribed under section 36 if the accountant or firm has been removed, suspended, or debarred by one of the agencies, or if the Public Company Accounting Oversight Board, the Securities and Exchange Commission, or a state licensing authority takes certain disciplinary actions against the accountant or firm.
The Act creates the Public Company Accounting Oversight Board to oversee the audit of public companies subject to securities laws in order to protect investors' interests and further the public interest in the preparation of "informative, accurate, and independent" audit reports.
Niemeier, JD, Member, Public Company Accounting Oversight Board (PCAOB); Hal S.
Sarbanes-Oxley also led to the establishment and public funding of the Public Company Accounting Oversight Board (PCAOB), apparently reversing the SEC's earlier belief that the private sector could set and oversee auditing standards.
The Public Company Accounting Oversight Board (PCAOB) issued guidance in the form of questions and answers (Qs & As) for auditors (www.
The standard would not apply to an audit of a public company since those auditing standards are promulgated by the Public Company Accounting Oversight Board.
The Public Company Accounting Oversight Board has defined "material weakness" to mean a control deficiency that results in the possibility that a misstatement of financial results could occur at some point in the future.
Sarbanes-Oxley changed the land-scape for public companies and their advisers when it created the Public Company Accounting Oversight Board and expanded the Securities and Exchange Commission's role.

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